Commodity Market Report
Global product markets weekly: Weakening fuel oil cracks weighed on global refining margins
Report summary
The oil market plunged following the escalation of Sino-US trade conflicts last week. The weekly average of North Sea Dated decreased by US$5.14/bbl to US$57.26/bbl. On 5 August, China was labelled as a currency manipulator by the US when Chinese yuan weakened to its decade low. Concerns that no trade agreement would be reached before the implementation day of 1 September sent the oil markets into turmoil. On 8 August, the oil market rebounded after Saudi Arabia announced its plan to curb oil exports to below 7 million b/d in August and September.
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